US Mint Increases Gold and Platinum Numismatic Product Prices

In response to higher precious metals prices, the United States Mint has increased prices for gold and platinum numismatic products effective today. The Mint adopted a pricing policy in early 2009 that allows pricing to be adjusted as frequently as weekly for covered products.

Under the policy, the average market price of gold and platinum are determined based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If this average moves into a different pricing tier, established at $50 increments for gold and $100 increments for platinum, product prices are adjusted proportionally based on their precious metals content. As an additional criteria, the Wednesday PM London Fix price must agree directionally with any change.

The prices changes effective today are shown below. The gold numismatic products are priced based on an average market price of gold in the $1,700 to $1749.99 range. The platinum product is priced based on an average platinum price in the $1,550 to $1,649.99 range.

Old Price

New Price

Gold Eagle 1 oz. Unc

1,928.00

1,978.00

Gold Eagle 1/2 oz. Proof

981.00

1,006.00

Gold Eagle 1/4 oz. Proof

503.00

515.50

Gold Eagle 1/10 oz. Proof

215.50

220.50

Gold Eagle 4 Coin Set

3,585.50

3,678.00

Gold Buffalo Proof

1,960.00

2,010.00

$5 Gold Proof Commemorative

510.00

522.15

$5 Gold Unc Commemorative

500.00

512.15

First Spouse Gold Proof

1,004.00

1,029.00

First Spouse Gold Unc

991.00

1,016.00

Platinum Eagle 1 oz. Proof

1,792.00

1,892.00

This year has been a particularly turbulent one for numismatic product prices. Gold and platinum products have not had their prices adjusted higher or lower a total of sixteen times throughout the year. Gold commemorative coins, which were not initially covered by a flexible pricing policy, had their sales suspended and later resumed under a grid structure. The Proof and Uncirculated American Silver Eagles had their prices both increased and decreased during the year, following suspensions. Annual sets which include silver coins have had their sales suspended and resumed multiple times.

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Platinum is more rare than gold is. It’s possible the higher premium is based on the rarity of platinum as opposed to the direct platinum price. Almost all platinum products I have seen, not just the Mint’s, have higher premiums than gold products (even pure bullion).

Platinum is currently only 93% the value of an ounce of gold. As bullion it is far and away the best buy right now for investment purposes. Unlike gold, which has value in it’s aesthetic of being shiny and pretty as jewelry but virtually no industrial utility, platinum is 25 times rarer AND has many industrial applications, besides jewelry. Cost to mine/refine gold is between $500 to $600 making it extremely profitable to gold mining interests to sell and inventory. On the other hand to platinum mining/refining is around $1,500 to $1,600. At current prices there is little or no profit margin for platinum producers. Eventually there will be a severe undersupply of platinum that could only be alleviated by sharply rising prices. Platinum as bullion and numismatic items are the best values for the buck today.

Gary, everything you say is correct. But don’t forget that if we enter another (or continued, depending on your opinion) recession, at least 50% of platinum’s demand will take a major hit due to decreased industrial demand. That is the major factor in the future of its price.

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